Morning Report

Cable was not able to set a four-hour closing above 61.8% correction level, shown in the image above, at 1.6720; therefore, pushing the pair to retest the key support levels between 1.6575 and 1.6600. We currently see the start of a possible formation for an ascending channel; whereas on the RSI index we see a bearish technical pattern that makes us expect some possible bearish movement and then returning to ascend. It is vital that 1.6525 remains intact so that the bullish scenario may prevail.

The trading range for today is among the key support at 1.6405 and the key resistance at 1.6875.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6600 targeting 1.6830 and stop loss below 1.6525, might be appropriate